Cambridge Investment Research Advisors Inc. Purchases 8,566 Shares of Serve Robotics Inc. (NASDAQ:SERV)

Cambridge Investment Research Advisors Inc. lifted its position in Serve Robotics Inc. (NASDAQ:SERV) by 82.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,966 shares of the company’s stock after acquiring an additional 8,566 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Serve Robotics were worth $109,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. CIBC Private Wealth Group LLC bought a new stake in shares of Serve Robotics in the 4th quarter worth about $34,000. Wells Fargo & Company MN lifted its holdings in shares of Serve Robotics by 294.0% in the 4th quarter. Wells Fargo & Company MN now owns 10,855 shares of the company’s stock worth $147,000 after acquiring an additional 8,100 shares during the last quarter. Charles Schwab Investment Management Inc. bought a new stake in shares of Serve Robotics in the 4th quarter worth about $151,000. CreativeOne Wealth LLC bought a new stake in shares of Serve Robotics in the 4th quarter worth about $156,000. Finally, PFG Investments LLC lifted its holdings in shares of Serve Robotics by 12.3% in the 1st quarter. PFG Investments LLC now owns 36,498 shares of the company’s stock worth $210,000 after acquiring an additional 4,000 shares during the last quarter.

Serve Robotics Price Performance

SERV stock opened at $10.67 on Tuesday. The company has a market capitalization of $608.30 million, a PE ratio of -10.07 and a beta of 0.13. Serve Robotics Inc. has a 12 month low of $2.23 and a 12 month high of $24.35. The firm’s 50-day moving average is $10.66 and its 200 day moving average is $10.96.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald started coverage on shares of Serve Robotics in a research note on Thursday, May 22nd. They issued an “overweight” rating on the stock. Three equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Strong Buy” and an average price target of $18.67.

Insider Activity

In other Serve Robotics news, Director David Michael Goldberg sold 10,700 shares of the firm’s stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $10.63, for a total transaction of $113,741.00. Following the transaction, the director owned 50,725 shares of the company’s stock, valued at approximately $539,206.75. This trade represents a 17.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Brian Read sold 29,100 shares of the firm’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $7.06, for a total transaction of $205,446.00. Following the transaction, the chief financial officer directly owned 240,900 shares in the company, valued at $1,700,754. This trade represents a 10.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,751 shares of company stock worth $572,318 in the last ninety days. 21.40% of the stock is currently owned by insiders.

About Serve Robotics

Serve Robotics Inc designs, develops, and operates low-emission robots that serve people in public spaces with food delivery in the United States. It builds self-driving delivery robots. The company was formerly known as Patricia Acquisition Corp. and changed its name to Serve Robotics Inc in July 2023.